Analysts at Mizuho are asking if Micron is the new Nvidia Jr

investing.com:

The frenzy around artificial intelligence (AI) stocks has extended into 2024, and while Nvidia (NASDAQ:NVDA) stock continues to capture most of the spotlight, the likes of Super Micro Computer (NASDAQ:SMCI) and Dell Technologies (NYSE:DELL) have also been making headlines.

This week, another name is popping up in Wall Street commentaries. Specifically, Micron stock surged sharply following its latest earnings print, and some think this could be the next big AI trade.

Micron Technology's (NASDAQ:MU) stock surged over 17% in premarket trading Thursday, a day after the company unveiled its much stronger-than-expected fiscal Q2 report. The semiconductor company also offered an optimistic outlook for the coming quarter.

In the reported quarter, Micron posted an adjusted earnings per share (EPS) of 42 cents, defying the predicted 25 cent loss per share. The company's revenue reached $5.82 billion, also surpassing the $5.35 billion forecast by analysts.

This marks a significant increase from the $3.69 billion revenue recorded in the same quarter the previous year. Moreover, Micron reported a net income of $793 million, a substantial recovery from a net loss of $2.3 billion in the year-ago quarter.

Looking ahead, Micron has set its revenue expectations for the fiscal third quarter at $6.6 billion, which is also above Wall Street’s expectations of $6.02 billion.

Micron is known for its production of memory and flash storage solutions used in computers, data centers, and smartphones.

With the rapid adoption of AI software, demand for large data centers has increased, benefiting companies like Micron that provide essential memory and storage for these technologies.

Although Nvidia stock often receives attention for its AI-capable